20 June 2010

Bebo sold by AOL after just two years

Internet company AOL has sold Bebo, the social networking site it bought two years ago for $850m. Criterion Capital Partners, a small private investment firm, announced that it had bought the business, but did not disclose the amount paid. However, analysts suspect it to be just a fraction of the price paid by AOL in 2008. Since then, Bebo has struggled to compete effectively against social networking rivals such as Facebook.